Posted on July 28, 2016 by Editorial Staff in Economy, Trading
Businessman. Photo: Courtesy of Johnny Magnusson/freestockphotos
HEWLÊR-Erbil, Kurdistan region ‘Iraq’,— A Kurdish trade official said on Wednesday that none of Iraqi Kurdistan Region’s traders have had to declare bankruptcy, despite the economic crisis facing the region.
Leaders of the Trade and Industry Chamber from 18 Iraqi governorates met in the Kurdistan Region’s capital on Wednesday to discuss improvements to trade in the country.
The head of the Erbil Chamber of Trade and Industry, Dara Jalil Khayat, said during a press conference that a number of Kurdish merchants have suspended their work due to a lack of cash in regional banks.
Khayat said the economic crisis has also affected the exchange of trade between the Kurdistan Region and other Iraqi cities as well as internationally.
“There hasn’t been any declaration of bankruptcy officially [in the Kurdistan Region] so far,” he continued. “There are traders and company owners having financial issues but it is due to a deficiency of cash in the banks.”
The head of the Trade and Industry Chambers in Iraq, Jaafar Hamdani, said his office has a good relationship with the Kurdistan Region due to the region’s border with Turkey, which gives it an advantage compared to other Iraqi in trade and services.
Iraqi merchants say the region is “important” for developing trade because of the many border crossings with neighboring countries.
Iraqi Trade Chambers’ heads hold meetings every three months in the country. Meetings continue for two days in a governorate and chamber heads make a decision on where to hold the next meeting during the last session.